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Payday loan services have gotten a very bad rap from consumer advocates across the country.  Low-income borrowers often get themselves stuck in a cycle of borrowing from payday lenders to make it from one pay check to another. An emergency comes up, and they borrow from a payday lender to take care of the emergency, but when payday comes around and the lender takes the payment out of their account, borrowers often don’t have enough money to make it to their next payday, and find themselves rolling over their payday loan and being even deeper into debt.

If you find yourself in a situation where you are considering taking out a loan from a payday lender, you should first consider the consequences of taking out a payday loan. If you receive the amount of your paycheck now, minus the interest you’re paying, will you still have enough money to make it through to the next payday? If the answer is no, a payday loan is not the solution to your cash problems.

If you are truly short on cash, you should consider what other ways you can come up with some extra money to pay for your living expenses and bills. If you can take on extra hours at work, that’s a great thing to do. If you can pick up a part-time job or use a hobby of yours to generate some extra income, you’ll be able to earn some extra money without having the hangover of a payday loan to pay off in a few weeks.

Alternatively, you might have something you can sell to raise some extra money.  Maybe you have some electronics, such as an iPod, that you could sell to get some extra money. If this is the case, do not take whatever you want to sell down to a pawnshop. You will almost certainly get a bad deal. Instead, consider selling the item on craigslist to another consumer.

Payday loans and Utah cash advance services can be a solution in some cases, but it’s not an instant fix to your cash problems. Know that you do have to pay the money back and have a plan for what you’re going to do between now and the next payday.

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